Revenues for fixed income, currencies, and commodities (FICC) is now at the lowest point since the financial crisis, with the top 10 investment banks losing 15% year-on-year to just $80 billion in 2013 compared to $144 billion in 2009, and it could continue to fall by 13% – 18% this year due to a combination of lower levels of trade activity and tightening spreads that are returning to historical norms now that markets are finally stabilizing. “Broker revenue generation is largely a function of income from client activity and gains and losses on inventory management. That said, the relative importance…